Forward Industries posts over 300% revenue growth but wider quarterly net loss amid SOL markdowns
The Block
Forward Industries reported 319% revenue growth alongside a $283.1 million net loss driven by Solana asset markdowns.Summary
Forward Industries reported a 319% year-over-year revenue increase to $13 million, largely fueled by staking rewards from its Solana treasury holdings. Despite this growth, the company incurred a $283.1 million net loss for the quarter ending March 31, 2026, primarily due to non-cash impairments and fair value adjustments linked to the 33.7% decline in Solana's price. The firm clarified that these losses did not impact cash liquidity and highlighted a new $40 million loan agreement with Galaxy Digital alongside active cost-cutting initiatives.
(Source：The Block)